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PROGRAMME  OF  COURSES  IN 
POLITICAL  ECONOMY 


CHICAGO 

Cf)e  of  Chicago 

1892 


Digitized  by  the  Internet  Archive 
in  2017  with  funding  from 

University  of  Illinois  Urbana-Champaign  Alternates 


https://archive.org/details/universityofchic00univ_0 


DEPARTMENT 


OF 

POLITICAL  ECONOMY. 

1892-3. 


OFFICERS  OF  INSTRUCTION: 

J.  LAURENCE  LAUGHLIN,  Ph.  D., 

Head-Professor  of  Political  Economy. 

ADOLPH  C.  MILLER,  A.  M., 

Associate-Professor  of  Political  Economy. 

WILLIAM  CALDWELL,  A.  M., 

Tutor  in  Political  Economy. 


INTRODUCTORY. 


The  work  of  the  department  is  intended  to  provide,  by  symmetrically 
arranged  courses  of  instruction,  a complete  training  in  the  various 
branches  of  economics,  beginning  with  elementary  work  and  passing  by 
degrees  to  the  higher  work  of  investigation.  A chief  aim  of  the  instruc- 
tion will  be  to  teach  methods  of  work,  to  foster  a judicial  spirit,  and  to 
cultivate  an  attitude  of  scholarly  independence,  (i)  The  student  may  pass, 
in  the  various  courses  of  instruction,  over  the  whole  field  of  economics; 

(2)  when  fitted,  he  will  be  urged  to  pursue  some  special  investigation. 

(3)  For  the  encouragement  of  research  and  the  training  of  properly 
qualified  teachers  of  economics,  Fellowships  in  Political  Economy  have 
been  founded.  (4)  To  provide  a means  of  communication  between  in- 
vestigation and  the  public,  a review,  entitled  The  Journal  of  Political 
Economy , has  been  established,  to  be  edited  by  the  officers  of  instruction 
in  the  department;  while  (5)  larger  single  productions  will  appear  in  a 
series  of  bound  volumes  to  be  known  as  Economic  Studies  of  the  University 
of  Chicago. 

Remark:  In  the  following  list  the  term  Minor,  is  applied  to  a course 
which  calls  for  four  or  five  hours  of  class-room  work  per  week  for  a 
period  of  six  weeks.  A Double  Minor  is  a Minor  running  through  two 
periods  of  six  weeks. 


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LIST  OF  COURSES  OF  INSTRUCTION. 


STARRED  * COURSES  ARE  NOT  GIVEN  IN  1892-3. 

1.  First  Quarter:  Principles  of  Political  Economy. — Exposition  of 

the  Laws  of  Political  Economy  in  its  present  state. — Mill’s  Prin- 
ciples of  Political  Economy  (Laughlin’s  edition). 

5 hrs.  a week,  Double  Minor. 
Associate  Professor  A.  C.  Miller. 

Second  Quarter: 

Either , 1A.  Advanced  Political  Economy. — Cairnes’s  Leading 
Principles  of  Political  Economy. — Marshall’s  Principles  of 
Economics  (vol.  I.).  5 hrs.  a week,  Double  Minor. 

Mr.  Caldwell. 

Or,  IB.  Descriptive  Political  Economy. — Lectures  and  Read- 
ing on  Money,  Banking,  Cooperation,  Socialism,  Taxation, 
and  Finance.  — Hadley’s  Railroad  Transportation. — Laugh- 
lin’s Bimetallism.  4 hrs  a week,  Double  Minor. 

Associate  Professor  A.  C.  Miller. 

2.  Industrial  and  Economic  History. — Leading  Events  in  the  Economic 

History  of  Europe  and  America  since  the  middle  of  the  Eight- 
eenth Century. — Lectures  and  Reading. 

4 hrs.  a week,  2 Double  Minors. 
Mr.  Caldwell. 

3.  Scope  and  Method  of  Political  Economy.  — Origin  and  Development 

of  the  Historical  School. — History  of  Political  Economy  in  Ger- 
many. — Lectures  and  Reports.  4 hrs.  a week,  Double  Minor. 

Mr.  Caldwell. 

4.  Unsettled  Problems  of  Economic  Theory. — Questions  of  Exchange 

and  Distribution.— Critical  Examination  of  selections  from  lead- 
ing writers.  4 hrs.  a week,  Double  Minor. 

Professor  Laughlin. 

5.  History  of  Political  Economy. — History  of  the  Development  of 

Economic  Thought,  embracing  the  Mercantilists  and  the  Phy- 
5 


siocrats,  followed  by  a critical  study  of  Adam  Smith  and  his 
English  and  Continental  Successors. — Lectures  and  Reading. — 
Reports.  5 hrs.  a week,  Double  Minor. 

Mr.  Caldwell. 

*6.  Recent  German  Systematic  Writers. — Wagner,  Cohn,  Schmoller, 
Schaffle,  and  Menger. — Exposition,  critical  comments,  and  reading 
of  authors. — Reports.  4 hrs.  a week,  Double  Minor. 

Mr.  Caldwell. 

7.  Socialism. — History  of  Socialistic  Theories. — Recent  Socialistic  De- 

velopments.— Lectures  and  Reports. 

4 hrs.  a week,  Double  Minor. 
Dr.  Veblen. 

8.  Social  Economics. — Social  questions  examined  from  the  economic 

standpoint. 

*A.  Social  Reforms. — Future  of  the  Working-classes. — 
Immigration. — State  Interference. — Insurance  Legislation. — 
Arbeitscolonien.  4 hrs.  a week,  Double  Minor. 

Mr.  Caldwell. 

B.  Cooperation. — Profit-Sharing. — Building  Associations. — 
Postal  Savings. — Trade  Unions. — Factory  Legislation. — Pub- 
lic Charities.  4 hrs.  a week,  Double  Minor. 

Associate  Professor  Bemis. 

9.  Practical  Economics. — Training  in  the  Theoretical  and  Historical 

Investigation  of  Important  Questions  of  the  Day. — Lectures  and 
Theses.  4 hrs.  a week,  Double  Minor. 

Associate  Professor  A.  C.  Miller. 

10.  Statistics. — Methods  and  practical  training. — Organization  of  Bureaus. 

— Tabulation  and  Presentation  of  Results. 

4 hrs.  a week,  Double  Minor. 
Mr.  Fisher. 

11.  Railway  Transportation. — History  and  Development  of  Railways. — 

Theories  of  Rates. — State  Ownership. 

4 hrs.  a week,  Double  Minor. 
Professor  Laughlin. 

12.  Tariff  History  of  the  United  States. — Legislation  since  1789. — Eco- 

nomic Effects. — Reading.  4 hrs.  a week,  Double  Minor. 

Professor  Laughlin. 

13.  Financial  History  of  the  United  States.— Rapid  Survey  of  the 

Financial  Experiences  of  the  Colonies  and  the  Confederation. — 
Detailed  Study  of  the  Course  of  American  Legislation  on  Cur- 
rency, Debts,  and  Banking  since  1789. — Lectures  and  Reports. 

4 hrs.  a week,  Double  Minor. 
Associate  Professor  A.  C.  Miller. 


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14.  Taxation. — Theories  and  Methods  of  Taxation. — Comparative  Study 

of  the  Revenue  Systems  of  the  Principal  Modern  States. — Prob- 
lems of  State  and  Local  Taxation  in  America. — Lectures  and 
Reports.  4 hrs.  a week,  Double  Minor. 

Associate  Professor  A.  C.  Miller. 

15.  Public  Debts  and  Banking. — Comparative  Study  of  European  and 

American  Methods  of  Financial  Administration. — The  Nego- 
tiation, Management,  and  Effects  of  Public  Debts. — Examination  of 
Banking  Problems  and  Banking  Systems. — Lectures  and  Reports. 

4 hrs.  a week,  Double  Minor. 
Associate  Professor  A.  C.  Miller. 

*16.  Problems  of  American  Agriculture. — Comparison  with  European 
Systems  of  Culture.  — Land  Tenures. — Lectures,  Reading,  Re- 
ports. 4 hrs.  a week,  Double  Minor. 

Professor  Laughlin. 

17.  Seminary. — Intended  only  for  mature  students  capable  of  carrying 
on  independent  researches.  4 hrs.  a week,  3 Double  Minors 


DESCRIPTION  OF  COURSES. 


GENERAL. 

The  courses  may  be  roughly  classified  into — 

Group  I.,  Elementary. — Courses  1,  1A,  IB,  and  2; 

Group  II.,  Theoretical. — Courses  3,  4.  5,  6,  and  7 ; 

Group  III.,  Practical. — Courses  8,  9,  10,  11,  12,  13,  14,  15,  and  16. 

Students  are  advised  to  begin  the  study  of  economics  not  later  than  the 
first  year  of  their  entrance  into  the  University  College;  and  students  of 
high  standing,  showing  special  aptitude  for  economic  study,  may  properly 
take  Course  1 in  the  last  year  of  the  Academic  College. 

For  admission  into  the  courses  of  Groups  II.  and  III.,  a prerequisite  is 
the  satisfactory  completion  of  Course  1 (with  either  1A  or  IB),  or  its  equiv- 
alent. Those  desiring  only  a general  acquaintance  with  the  subject  are 
expected  to  take  Course  IB  during  the  second  quarter;  but  those  who  intend 
to  make  a serious  study  of  economics  are  advised  to  take  1A  during  the 
second  quarter. 

After  passing  satisfactorily  in  Course  1 (with  either  1A  or  IB),  the 
student  will  find  a division  of  the  courses  into  two  general  groups:  Group 
II.  will  be  concerned  chiefly  with  a study  of  economic  principles,  their 
historical  development,  and  the  various  systems  of  economic  thought; 
Group  III.,  while  making  use  of  principles  and  economic  reasoning,  will  be 
devoted  mainly  to  the  collection  of  facts,  the  weighing  of  evidence,  and  an 
examination  of  questions  bearing  on  the  immediate  welfare  of  our  people. 
For  a proper  grasp  of  the  subject,  Courses  3,  4,  and  5 are  indispensable;  and 
in  the  second  year  of  his  study  of  economics  the  student  should  supplement 
a course  in  Group  I.  by  a course  in  Group  II. 

Ability  to  treat  economic  questions  properly  can  be  acquired  only  if 
the  student,  being  possessed  of  some  natural  aptitude  for  the  study,  devotes 
sufficient  time  to  it  to  enable  him  to  assimilate  the  principles  into  his  think- 
ing, and  to  obtain  certain  habits  of  mind,  which  are  demanded  for  pro- 
ficiency in  this,  as  in  any  other  important  branch  of  study.  Tests  of 
proficiency  will  be  exacted  at  the  end  of  each  period,  six  weeks. 

SPECIAL. 

COURSE  1.  First  Quarter:  Principles  of  Political  Economy. —Expo- 
sition of  the  Laws  of  Political  Economy  in  its  Present 


State. — Mill’s  Principles  of  Political  Economy  (Laugh- 
lin’s  edition).  5 hrs.  a week,  Double  Minor. 

Second  Quarter: 

Either,  1A.  Advanced  Political  Economy.—  Cairnes’s 
Leading  Principles  of  Political  Economy. — Marshall’s 
Principles  of  Economics  (vol.  I). 

5 hrs.  a week,  Double  Minor. 

Or,  IB.  Descriptive  Political  Economy. — Lectures 
and  Reading  on  Money,  Banking,  Cooperation,  So- 
cialism, Taxation,  and  Finance. — Hadley’s  Railroad 
Transportation. — Laughlin’s  Bimetallism. 

4 hrs.  a week,  Double  Minor 

All  students  beginning  the  study  of  Political  Economy  will  take 
Course  1.  At  the  second  quarter  the  class  will  divide.  Those  desirous  of  lay- 
ing the  foundation  for  work  in  the  advanced  courses  will  take  1A;  those 
who,  while  giving  their  attention  mainly  to  other  departments,  seek  simply 
that  general  knowledge  of  economics  demanded  by  a liberal  education,  and 
cannot  devote  more  time  to  the  study,  will  take  Course  IB.  Course  1 is 
designed  to  give  the  student  an  acquaintance  with  the  working  principles  of 
Political  Economy. 

Course  1A  will  continue  the  theoretical  training  in  the  principles  of 
Political  Economy.  The  discussions  will  be  based  on  Cairnes’s  Leadhig 
Principles  of  Political  Economy , and  Marshall’s  Principles  of  Economics  (vol.  I). 
Only  those  students  who  have  passed  satisfactorily  in  Course  1A,  will  be 
admitted  to  Courses  3,  4,  5,  6,  7 and  9. 

Course  IB  is  mainly  descriptive  and  practical;  in  it  will  be  considered 
the  various  practical  questions  illustrating  the  application  of  economic  prin- 
ciples, the  lectures  and  reading  supplying  the  student  with  the  knowledge 
necessary  for  the  more  intelligent  discharge  of  the  duties  of  citizenship. 
The  subjects  discussed  will  be:  Money,  banking,  coSperation,  socialism, 
taxation,  finance,  and  railway  transportation.  Students  will  be  expected 
to  read  Hadley’s  Railroad  Transportation,  and  Laughlin’s  History  of  Bime- 
tallism in  the  United  States. 

COURSE  2.  Industrial  and  Economic  History.  — Leading  Events  in  the 
Economic  History  of  Europe  and  America  since  the 
middle  of  the  Eighteenth  Century.  Lectures  and 
Reading.  4 hrs.  a week,  2 Double  Minors. 

This  course  endeavors  to  present  a comprehensive  survey  of  the  indus- 
trial, commercial,  and  economic  development  of  the  western  world  since 
the  middle  of  the  last  century.  After  a preliminary  study  of  the  industrial 
revolution  and  the  rise  of  the  factory  system,  attention  will  be  called  to  the 
economic  and  social  effects  of  the  American  and  French  revolutions;  to  the 
development  of  American  commerce;  to  the  introduction  of  steam  trans- 
portation; to  the  adoption  of  free  trade  by  England;  to  the  new  gold  discov- 


/ 


eries  and  their  wide-spread  effects;  to  the  civil  war  in  the  United  States;  to 
the  French  indemnity;  to  the  crisis  of  1873;  and  to  the  economic  disturb- 
ances of  the  past  twenty  years.  The  course  is  conducted  mainly  by 
lectures,  but  a course  of  collateral  reading  will  be  prescribed  upon  which 
students  will  be  expected  to  report  from  time  to  time. 

No  previous  economic  study  is  required  of  students  entering  this 
course,  but  it  will  be  taken  to  best  advantage  by  those  who  already  have 
some  knowledge  of  economic  principles,  or  who  are  taking  this  course  in 
connection  with  Course  1. 

COURSE  3.  Scope  and  Method  of  Political  Economy. — Origin  and 
Development  of  the  Historical  School. — History  of 
Political  Economy  in  Germany.  Lectures  and  Reports. 

4 hrs.  a week,  Double  Minor. 

This  course  attempts  to  define  the  province,  postulates  and  character  of 
Political  Economy;  to  determine  its  method,  and  to  examine  the  nature  of 
economic  truth.  The  methods  of  proof  and  the  processes  of  reasoning 
involved  in  the  analysis  of  economic  phenomena  and  the  investigation  of 
economic  problems,  and  the  position  of  Political  Economy  in  the  circle  of 
the  Moral  Sciences — its  relation  to  Ethics,  Political  Science,  and  Sociology 
— will  be  studied.  In  view  of  the  controversies  which  have  arisen  on  these 
fundamental  topics,  a critical  estimate  will  be  made  of  the  views  of  leading 
writers  on  Methodology,  such  as  Mill,  Cairnes,  Menger,  Wagner  and 
Schmoller. 

The  origin  and  development  of  the  modern  historical  school  will  be 
described,  special  attention  being  devoted  to  Knies,  Die  Politische  Oekonomie 
vom  Geschiclitlichen  Standpunkte. 

In  connection  with  this  work,  the  course  of  German  economic  thinking 
will  be  traced  from  the  earlier  writers,  Rau,  von  Thiinen,  and  Hermann; 
after  which  the  influence  of  the  English  writers,  the  later  formation  of 
various  groups,  with  their  distinguishing  tenets,  and  the  German  point  of 
view,  will  be  presented.  The  statements  of  the  writers  themselves,  rather 
than  opinions  about  them,  will  be  studied. 

Students  will  be  required  to  prepare  critical  studies  on  books,  or  sub- 
jects, selected  by  the  instructor.  Course  3 is  preliminary  to  Course  6. 

COURSE  4.  Unsettled  Problems  of  Economic  Theory. — Questions  of 
Exchange  and  Distribution.  Critical  examination  of 
selections  from  leading  writers. 

4 hrs.  a week,  Double  Minor. 

Little  use  will  be  made  of  text-books,  or  lectures,  in  this  course,  it  being 
intended  to  take  up  certain  topics  in  economic  theory  and  to  follow  out 
their  treatment  by  various  writers.  The  more  abstruse  questions  of 
exchange  and  distribution  will  be  considered.  No  student,  therefore,  can 
undertake  the  work  of  this  course  with  profit  who  has  not  already  become 
familiar  with  the  fundamental  principles.  The  course  is  open  onlv  to  those 

10 


who  have  passed  satisfactorily  in  Course  1A.,  or  who  can  clearly  show  that 
they  have  had  an  equivalent  training. 

The  subjects  to  be  considered  in  1892-3  will  be  as  follows:  The  theories 
of  final  utility  and  cost  of  production  as  regulators  of  value,  the  wages-fund 
and  other  theories  of  wages,  the  interest  problem,  manager’s  profits,  and 
allied  topics.  The  discussion  will  be  based  upon  selected  passages  of 
important  writers.  The  study  of  wages,  for  example,  will  include  reading 
from  Adam  Smith’s  Wealth  of  Nations,  Ricardo’s  Works , and  the  writings 
of  J.  S.  Mill,  Longe,  Thornton,  Cairnes,  F.  A.  Walker,  Marshall,  George 
and  Bohm-Bawerk.  Students  will  also  be  expected  to  discuss  recent  impor. 
tant  contributions  to  these  subjects  in  current  books  or  journals;  and  they 
will  be  practised  in  the  exposition  of  special  points  before  their  fellow 
students. 

COURSE  5.  History  of  Political  Economy.  History  of  the  Develop- 
ment of  Economic  Thought,  embracing  the  Mercantil- 
ists and  the  Physiocrats,  followed  by  a critical  study  of 
Adam  Smith  and  his  English  and  Continental  Succes- 
sors. Lectures,  Reading,  and  Reports. 

5 hrs.  a week,  Double  Minor. 

This  course  treats  of  the  history  of  economic  theory,  not  of  the  history 
of  economic  institutions ; of  the  origin  and  development  of  our  existing 
knowledge  of  economic  principles,  not  of  the  phenomena  of  wealth  with 
which  these  economic  principles  are  concerned.  Since  it  investigates  the 
evolution  of  economic  thinking  as  expressed  in  a growing  collection  of 
principles,  the  student  will  have  little  occasion  to  study  writers  previous  to 
the  XVI  century.  The  time  will  be  given  to  the  economic  theories  and 
commercial  policy  of  the  Mercantile  system;  to  the  Physiocratic  school;  to 
Adam  Smith  and  his  immediate  precursors;  to  the  English  writers  from 
Adam  Smith  to  the  present  day;  and  to  a brief  review  of  French,  Italian, 
and  American  writers.  From  the  multiplicity  of  writers,  selections  will  be 
made  of  those  who  have  had  great  influence,  or  who  have  made  marked 
contributions  to  political  economy.  The  whole  study  will  aim  to  present 
the  continuity  of  development  of  economic  doctrine  from  its  origin  to  the 
present  time. 

The  work,  however,  is  not  intended  merely  as  a means  of  information. 
It  is  expected  that  the  student  himself  should  in  every  case  read  portions  of 
the  great  authors  bearing  on  cai-dinal  principles,  and,  by  critical  comment 
and  comparison,  it  is  hoped  he  may  gain  much  in  discipline  and  in  judicial 
insight.  It  is  believed  that  a more  fresh,  original,  and  just  understanding 
of  the  history  of  political  economy  can  be  obtained  by  this  mode  of  treat- 
ment than  bv  taking  a knowledge  of  the  authors  at  second-hand.  The 
work  of  this  course,  therefore,  must  largely  be  carried  on  in  the  Economic 
Library.  In  this,  as  in  other  courses,  the  instructor  will  pay  early  attention 
to  bibliography  and  to  the  best  methods  of  using  books. 

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COURSE  6.  Recent  German  Systematic  Writers.  Wagner,  Cohn, 
Schmoller,  Schseffle,  and  Menger.  Exposition,  critical 
comments,  and  reading  of  authors.  Reports. 

4 hrs.  a week,  Double  Minor. 

It  is  the  object  of  this  course  to  present  the  point  of  view  of  the  leading 
recent  German  writers  in  Economics,  through  a study  of  the  character  and 
contents  of  their  systematic  treatises.  In  this  way  it  is  hoped  that  the 
desire  for  a direct  acquaintance  with  the  particular  economic  doctrines 
which  are  actually  taught  in  Germany  at  the  present  day  can  be  adequately 
met.  The  student  will  be  helped  to  appreciate  the  spirit,  quality,  and 
tendency  of  German  economic  thinking,  and  thus  be  enabled  to  broaden 
his  view  of  fundamental  economic  ideas. 

The  instructor  will  outline  the  system  of  each  writer,  give  the  substance 
of  less  important  portions,  and,  with  comments,  translate  in  the  class-room 
considerable  selections.  The  student  will  be  expected  to  have  a working 
knowledge  of  German,  and  will  be  required  to  read  parts  of  the  authors  not 
read  in  the  class-room,  upon  which  reports  and  critical  studies  in  writing 
must  be  made.  An  incidental  aim  of  this  course  will  be  to  assist  the  student 
in  acquiring  a rapid  reading  knowledge  of  economic  German. 

The  authors  to  be  used  are  as  follows  : 

Wagner,  Volksivirthschaftslehre.  Grundlegung. 

Schmoller,  Ueber  einige  Grundfragen  des  Rechts  und  der  Volkswirth- 
sc/ia/t. 

Schaeffle,  Ban  und  Leben  des  socialen  Kdrpers  (ed.  1881). 

Cohn,  System  der  Nationciloekonomie.  Grundlegung. 

Menger,  Grundsatze  der  Volkswirthschaftslehre, 

COURSE  7.  Socialism.  History  of  Socialistic  Theories.  Recent  Social- 
istic Developments.  Lectures  and  Reports. 

4 hrs.  a week,  Double  Minor. 

The  origin  of  the  present  socialistic  movements,  whether  popular  or 
scientific,  will  be  traced  to  their  beginnings  previous  to  the  middle  of  the 
present  century;  the  events  ending  in  1848  will  be  described;  and  an  exam- 
ination will  be  made  of  the  writings  of  Rodbertus,  Marx,  Lassalle,  Karl 
Mario,  and  William  Thompson,  from  the  economic  standpoint.  The  criti- 
cisms offered,  among  other  writers,  by  Leroy-Beaulieu,  Rae,  H.  Spencer, 
and  Schaeffle,  will  be  brought  under  review.  A study  of  the  “Interna- 
tional ” will  be  followed  by  an  account  of  the  spread  of  Socialism  to  England 
and  America.  The  position  and  tenets  of  the  Fabian  Society  in  England; 
the  popular  agitations  of  the  present  day  in  Europe  and  America;  the 
socialistic  tendencies  imputed  to  George’s  Progress  and  Poverty , Gronlund’s 
Cooperative  Commomvealth,  and  Bellamy’s  schemes  for  Nationalism,  will  be 
taken  up.  Practical  work  will  be  done  with  the  programs  and  platforms  of 
socialistic,  labor,  and  trade  organizations. 

12 


Attention  will  then  be  given  to  the  alleged  socialistic  trend  of  develop- 
ment, to  State  Socialism,  to  the  economic  factors  in  operation,  and  to  the 
ethical  aspect  of  the  economic  questions  involved. 

Students  will  be  expected  to  make  written  reports  and  critical  studies 
from  time  to  time,  in  addition  to  selected  reading.  Those  who  have  not 
examined  questions  of  value  and  distribution  carefully  will  be  at  a disad- 
vantage in  this  course. 

COURSE  8.  Social  Economics.  Social  questions  examined  from  the 
economic  standpoint. 

Course  8 includes  two  separate  courses,  known  as  Course  8A,  and 
Course  SB.  Under  these  heads  many  subjects  into  whose  treatment  ethical 
and  social  considerations  enter,  but  which  have  a distinct  economic  char- 
acter, will  be  considered. 

COURSE  8A.  Economic  Reforms — Future  of  the  Working-classes.^ 
Immigration. — State  Interference. — Insurance  Legisla- 
tion.— Arbeit scolonien.  4 hrs.  a week,  Double  Minor. 

Under  this  head  the  ethical,  sociological  and  political  principles  under- 
lying proposed  practical  reforms  and  methods  of  social  improvement  will 
be  noticed  and  criticised,  and  their  economic  values  and  effects  will  be  con- 
sidered and  estimated.  It  will  be  sought  to  determine,  as  far  as  possible, 
the  teaching  of  history  and  experience  on  these  matters,  and  also  the  con- 
ditions and  range,  the  merits  and  defects  of  various  experiments. 

COURSE  8B.  Cooperation. — Profit-Sharing. — Building  Associations. — 
Postal  Savings. — Trades  Unions. — Factory  Legislation. 
— Public  Charities  4 hrs.  a week,  Double  Minor. 

In  this  course  schemes  of  economic  reform  will  be  studied  and  pre* 
sented  with  a view  to  inform  the  student  how  they  may  be  carried  out  into 
actual  practice.  It  is  hoped  that  members  of  this  course,  under  the  guid- 
ance of  the  instructor,  may  be  familiarized  with  the  process  of  organizing 
desirable  movements  of  a philanthropic  character  in  various  parts  of  the 
community. 

Both  of  these  courses  may  well  be  elected  by  candidates  for  the  minis- 
try, who  have  already  passed  in  Course  1.  Reading  and  reports  will  accom- 
pany the  lectures. 

COURSE  9.  Practical  Economics.  Training  in  the  Theoretical  and  His- 
torical Investigation  of  Important  Questions  of  the  Day. 
Lectures  and  Theses.  4 hrs.  a week,  Double  Minor. 

Preliminary  training  for  investigation  is  combined  in  this  course  with 
the  acquisition  of  desirable  statistical  information  on  practical  questions  of 
the  day.  The  student  is  instructed  in  the  bibliography  of  a subject,  taught 
how  to  collect  his  data,  and  expected  to  weigh  carefully  the  evidence  on 
both  sides  of  a mooted  question.  The  short  theses  form  a connected  series, 
and  give  practice  in  written  exposition  as  well  as  in  the  graphic  representa- 

13 


tion  of  statistics.  Mere  compilation  is  objected  to,  and  the  student  is  urged 
to  reach  his  conclusions  independently  and  solely  on  the  facts  before  him. 
Fresh  and  independent  judgments  are  encouraged.  The  work  of  writing 
theses  is  so  adjusted  that  it  will  correspond  to  the  work  of  other  courses 
counting  for  the  same  number  of  hours. 

The  instructor  will  criticise  the  theses  before  the  class,  and  members  of 
the  class  will  be  frequently  called  upon  to  lecture  on  the  subjects  of  their 
theses  and  answer  questions  from  their  fellow-students. 

The  subjects  taken  up  will  be  chosen  from  the  following:  Money, 
prices,  bimetallism,  note-issues,  shipping,  and  commercial  crises. 

COURSE  10.  Statistics.  Methods  and  practical  training.  Organization 
of  Bureaus.  Tabulation  and  Presentation  of  Results. 

4 hrs.  a week,  Double  Minor. 

The  purpose  of  this  course  is  to  train  students  in  the  theory  and 
methods  of  statistics.  Inasmuch  as  economic  principles  throw  light  upon 
the  proper  choice  and  comparison  of  statistical  data,  a knowledge  of  Course 
1 is  a prerequisite  to  entrance  into  this  course.  On  the  other  hand,  statis- 
tical methods  are  needed  for  the  correction  and  furthering  of  our  knowl- 
edge of  economic  principles. 

Attention  will  be  given  to  the  vast  statistical  material  at  hand,  and  the 
student  will  have  an  introduction  into  the  bibliography  of  the  subject. 
The  growth  of  the  study;  establishment  of  statistical  offices  and  their 
organization;  collection  and  elaboration  of  data;  detection  and  elimination 
of  errors;  presentation  of  results  in  tabular  form;  training  in  graphic  repre- 
sentation;— will  form  a part  of  the  work. 

Practical  exercises  will  be  required  of  each  student  in  connection  with 
the  collection  and  presentation  of  statistics  of  mortality,  insurance,  produc- 
tion, population,  wages,  prices,  trade,  crime,  etc.  The  great  libraries  of  the 
City  of  Chicago  will  furnish  exceptional  advantages  for  this  work. 

COURSE  11.  Railway  Transportation.  History  and  Development  of 
Railways. — Theories  of  Rates. — State  Ownership. 

4 hrs.  a week,  Double  Minor. 

The  economic,  financial,  and  social  influences  arising  from  the  growth 
of  modern  railway  transportation,  especially  as  concerns  the  United  States, 
will  be  discussed.  The  history  of  railway  development  in  Europe  and 
America;  its  social  and  economic  influence;  railway  accounts;  competition 
and  combination;  various  theories  of  rates  ; railway  legislation  in  the 
United  States;  state  railway  commissions;  the  Inter-State  Commerce  Act; 
government  ownership;  and  a comparison  with  the  railway  systems  of 
Great  Britain,  France,  Germany,  Austria,  Italy,  and  Australia, — will  form 
the  essential  work  of  the  course. 

Studies  in  writing  will  be  exacted  from  each  student.  In  addition  to 
the  lectures,  the  student  is  expected  to  read  Hadley’s  Railroad  Transporta- 
tion, and  Acworth’s  The  Railxvays  and  the  Traders. 


14 


COURSE  12.  Tariff  History  of  the  United  States.  Legislation  since 
1789.  Economic  Effects.  Lectures  and  Reports.  Read- 
ing. 4 hrs.  a week,  Double  Minor. 

Course  12  is  fitly  taken  in  connection  with  Course  13,  which  runs 
parallel  with  it.  An  historical  study  will  be  made  of  the  legislation  on  the 
tariff  in  the  United  States  from  the  beginning  in  1789  to  the  present  day. 
Study  will  be  given  to  the  provisions  of  each  act,  the  causes  of  its  passage 
and  its  economic  effects.  The  growth  of  the  principal  industries  of  the 
country  will  be  sketched  in  connection  with  the  duties  affecting  them. 

Students  will  be  required  to  present  studies  on  special  topics  connected 
with  the  course. 

COURSE  13.  Financial  History  of  the  United  States.— Rapid  Survey 
of  the  Financial  Experiences  of  the  Colonies  and  the 
Confederation. — Detailed  study  of  the  course  of  Amer- 
ican Legislation  on  Currency,  Debts,  and  Banking  since 
1789.  Lectures  and  Reports. 

4 hrs.  a week,  Double  Minor. 

Without  excluding  the  history  of  taxation,  this  course  concerns  itself 
chiefly  with  the  history  of  our  national  legislation  on  currency,  loans,  and 
banking.  The  study  will  be  based  upon  a careful  examination  at  first-hand 
of  the  leading  provisions  of  the  Acts  of  Congress,  and  other  materials 
important  in  our  financial  history.  These  will  be  reviewed  from  the  polit- 
ical as  well  as  from  the  financial  standpoints,  it  being  one  of  the  objects  of 
the  course  to  develop  the  relation  between  finance  and  politics  in  our 
history.  Special  attention  will  be  given  to  Hamilton’s  system  of  finance 
and  the  changes  introduced  by  Gallatin;  to  the  financial  policy  of  the  War 
of  1812;  to  the  establishment  of  the  Second  United  States  Bank  and  the 
struggles  over  its  re-charter;  to  the  crisis  of  1837-9  and  the  establishment 
of  the  independent  Treasury;  to  the  financial  problems  and  management  of 
the  Civil  War;  to  the  establishment  of  the  national  banking  system;  the 
refunding  and  reduction  of  the  debt;  and  the  resumption  of  specie  payments. 

COURSE  14.  Taxation.  Theories  and  Methods  of  Taxation. — Compara- 
tive Study  of  the  Revenue  Systems  of  the  principal 
modern  States. — Problems  of  State  and  Local  Taxation 
in  America.  Lectures  and  Reports. 

4 hrs.  a week,  Double  Minor. 

This  course  is  both  theoretical  and  practical,  and  the  method  of  presenta- 
tion historical  as  well  as  systematic.  A critical  estimate  of  the  theories  of 
leading  writers  — such  as  Wagner,  Cohn,  Leroy-Beaulieu  — will  be  made 
with  a view  of  discovering  a tenable  basis  of  taxation.  Principles  are  dis- 
cussed; the  various  kinds  of  taxes  are  examined  and  their  complementary 
functions  in  a system  of  taxes  determined;  the  methods  in  vogue  in  differ- 
ent countries  are  described,  special  attention  being  given  in  this  connection 
to  the  experiences  of  France.  In  their  proper  places  the  incidence  of  taxes, 

15 


progressive  taxation,  the  single  tax,  and  the  special  problems  of  American 
taxation  will  be  carefully  considered.  All  questions  will  be  discussed  from 
the  twofold  standpoint  of  justice  and  expediency.  A reading  knowledge  of 
either  French  or  German  will  be  expected  of  all  students  entering  this 
course. 

COURSE  15.  Public  Debts  and  Banking. — Comparative  Study  of  Eu- 
ropean and  American  Methods  of  Financial  Administra- 
tion.— The  Negotiation,  Management,  and  Effects  of 
Public  Debts. — Examination  of  Banking  Problems  and 
Banking  Systems.  Lectures  and  Reports. 

4 hrs.  a week,  Double  Minor. 

This  course  treats  of  the  organization  and  methods  of  financial  admin- 
istration; the  formal  control  of  public  expenditures  by  means  of  the  budget; 
the  development  of  public  debts  and  their  economic  and  social  effects. 
Consideration  will  be  given  to  the  various  problems  involved  in  the  man- 
agement of  public  debts,  such  as  modes  of  issue,  conversion,  and  reduction; 
and  the  methods  practised  in  our  own  and  other  countries  will  be  described. 
This  course  also  treats  of  the  development  and  history  of  banking;  the 
leading  systems  are  compared,  and  proposed  changes  in  legislation  exam- 
ined. The  relations  of  the  banks  to  the  public  and  their  management  in  a 
time  of  crisis  will  receive  special  attention. 

COURSE  16.  Problems  of  American  Agriculture.  Comparison  with 
European  systems  of  culture.  Land  Tenures.  Lectures, 
Reading,  and  Reports.  4 hrs.  a week,  Double  Minor. 

Special  study  will  be  given  to  the  extension  and  changes  of  the  culti- 
vated area  in  the  United  States;  the  methods  of  farming;  the  influence  of 
railways  and  population,  and  of  cheapened  transportation;  the  fall  in  values 
of  Eastern  farm-lands;  movements  of  prices  of  agricultural  products; 
European  markets;  competition  of  other  countries;  intensive  farming; 
diminishing  returns;  farm  mortgages,  and  the  comparison  of  American 
with  European  systems  of  culture.  Systems  of  holdings  in  Great  Britain, 
Belgium,  France,  and  Germany  will  be  touched  upon,  together  with  the 
discussion  of  forestry  legislation. 

Reports  will  be  prepared  by  students  on  topics  assigned. 

COURSE  17.  Seminary.  Intended  only  for  mature  students  capable  of 
carrying  on  independent  researches. 

4 hrs.  a week,  3 Double  Minors. 

Under  this  head  are  placed  the  arrangements  for  Fellows,  graduates, 
and  suitably  prepared  persons,  who  wish  to  carry  on  special  researches 
under  the  guidance  of  the  instructors.  Candidates  for  the  higher  degrees 
will  find  in  the  seminary  a means  of  regularly  obtaining  criticism  and  sug- 
gestion. It  is  hoped  that  each  member  of  the  Seminary  will  steadily 
produce  from  time  to  time  finished  work  suitable  for  publication.  Emphasis 

16 


■will  be  placed  on  accurate  and  detailed  work  upon  obscure  or  untouched 
points. 

Students  may  carry  on  an  independent  study  upon  some  special  subject, 
making  regular  reports  to  the  seminary;  or,  several  students  may  be 
grouped  for  the  study  of  a series  of  connected  subjects.  For  this  purpose, 
during  1892-3,  the  following  topics  are  offered: 

(a)  American  Shipping,  with  a retrospect  to  the  experience  of  Great 
Britain  and  Holland  since  1650,  and  a comparative  study  of  modern 
European  policies. 

( b ) A Study  of  Modern  Currency  Problems,  treated  theoretically  and 
historically. 

(c)  A critical  and  historical  examination  of  the  Internal  Revenue 
System  of  the  United  States. 


FELLOWSHIPS. 

Independently  of  the  fellowships  offered  by  the  departments  of  Political 
Science  and  Social  Science,  at  least  three  Fellowships,  yielding  an  annual 
income  of  $500,  will  be  assigned  to  students  within  the  department  of 
Political  Economy  for  the  year  1892-3.  Appointments  will  be  made  only 
on  the  basis  of  marked  ability  in  economic  studies,  and  of  capacity  for  in- 
vestigation of  a high  character.  Candidates  for  these  fellowships  should 
send  to  the  President  of  the  University  a record  of  their  previous  work  and 
distinctions,  degrees  and  past  courses  of  study,  with  copies  of  their  written  or 
printed  work  in  economics.  Applications  for  1892-3  should  be  sent  in  not 
later  than  June  1,  1892. 

Fellows  are  forbidden  to  give  private  tuition,  and  will  be  called  upon 
for  assistance  in  the  work  of  teaching  in  the  University;  but  in  no  case  will 
they  be  expected  or  permitted  to  devote  more  than  one-sixth  of  their  time 
to  such  service. 


PUBLICATIONS. 

As  a means  of  communication  between  investigators  and  the  public, 
the  University  will  issue  quarterly  The  Journal  of  Political  Economy , begin- 
ning in  the  autumn  of  1892.  Contributions  to  its  pages  will  be  welcomed 
from  writers  outside  as  well  as  inside  the  University,  the  aim  being  not 
only  to  give  investigators  a place  of  record  for  their  researches,  but  also  to 
further  in  every  possible  way  the  interests  of  economic  study  throughout 
the  country.  The  Journal  will  aim  to  lay  more  stress  than  existing  jour- 
nals upon  articles  dealing  with  practical  economic  questions.  The  editors 
will  welcome  articles  from  writers  of  all  shades  of  economic  opinion 
reserving  only  the  privilege  of  deciding  as  to  merit  and  timeliness. 

Longer  investigations,  translations  of  important  books  needed  for 
American  students,  reprints  of  scarce  works,  and  collections  of  materials 
will  appear  in  bound  volumes  in  a series  of  Economic  Studies  of  the  Univer- 
sity of  Chicago.  Announcement  of  works  already  in  preparation  will  be 
made  at  an  early  date. 


LIBRARIES. 

In  the  suite  of  class-rooms  occupied  by  the  department  will  be  found 
the  Economic  Library.  Its  selection  has  been  made  with  great  care,  in 
order  to  furnish  not  only  the  books  needed  for  the  work  of  instruction 

18 


in  the  various  courses,  but  especially  collections  of  materials  for  the  study 
of  economic  problems.  It  is  believed  that  ample  provision  has  thus  been 
made  for  the  work  of  serious  research.  The  work  of  the  students  will  nec- 
essarily be  largely  carried  on  in  this  Library. 

Arrangements  have  been  made  with  other  libraries  in  the  city  for  sup- 
plementing the  Economic  Library  of  the  University  on  a large  and  gener- 
ous scale.  The  combined  library  facilities  of  Chicago  are  exceptional. 
The  Public  Library,  maintained  by  a large  city  tax;  the  Newberry  Library, 
under  the  supervision  of  W.  F.  Poole,  with  a fund  of  several  millions  of 
dollars;  and  other  possibilities,  will  enable  the  student  to  obtain  any  books 
he  may  need  in  the  prosecution  of  detailed  investigation.  In  the  near 
future,  it  is  confidently  believed,  the  supply  of  reference  books  for  students 
in  the  libraries  of  Chicago  will  be  greater  than  anywhere  else  in  this  coun- 
try ; and  graduate  students  will  have  exceptional  opportunities  for  special- 
ized research. 


The  officers  of  the  department  will  cheerfully  answer  any  inquiries 
from  institutions  looking  for  suitable  teachers  of  Political  Economy. 


Inquiries  and  applications  of  students  should  be  addressed  to 

THE  EXAMINER, 

The  University  of  Chicago, 

Chicago. 


19 


